Even as the Bangko Sentral ng Pilipinas (BSP) already reduced the volume of the 28-day term deposit facility (TDF) it offered Wednesday, the tenor remained undersubscribed.
For the one-month TDF, banks tendered only P84.415 billion, which the BSP all accepted, despite the P110-billion offering.
It was the initial auction wherein the BSP offered a lower volume from P140 billion previously.
The bids for the 28-day term deposits were accepted at a yield of between 3.45 percent and 3.5 percent.
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The seven-day TDF, meanwhile, was oversubscribed, with P42.918 billion in tenders for the P40-billion offering, which the BSP all awarded.
The accepted yield was within the range of 3.2-3.398 percent.
